Budget 2022: RBI to issue digital rupee, taxpayers to update their I-T returns in 2 years

Finance Minister Nirmala Sitharaman stated Tuesday that the economy will expand at a rate of 9.27 percent in the coming year as she presented the Union Budget 2022. The Finance Minister further stated that the Budget lays out a roadmap for the Indian economy from 75 to 100, noting the four pillars of development: inclusive development, productivity enhancement, energy transformation, and climate action.

Budget 2021-22, according to the Finance Minister, saw a significant increase in public investment and capital expenditure. The youth, women, farmers, and the poor will profit from this budget (2022-23). The effort will be guided by the PM Gati Shakti master plan, she added.

Here are some highlights from Budget 2022:

• Sitharaman stated at the Budget presentation that the country's growth rate is expected to be 9.27 percent.
• The Finance Minister also stated that in Budget 2021-22, there was a significant rise in public investment and capital expenditure...This Budget (2022-23) would benefit youth, women, farmers, and the poor. The effort will be guided by the PM Gati Shakti master plan, she added.
• In a big push for digital currency, Sitharaman announced that the RBI will issue digital rupees using blockchain technology beginning in 2022-23. According to the Finance Minister, this will provide a significant boost to the economy.
• Income derived from the transfer of any virtual digital asset is subject to a 30% tax rate plus a 1% transaction tax.
• This Union Budget aims to establish the groundwork and provide a framework for the economy for the next 25 years, from India at 75 to India at 100, according to the FM.
• The Finance Minister announced that the GST collections for the month of January 2022 were Rs 1,40,986 crore, the highest since the tax was introduced in 2017.
• Long-term capital gains will be taxed at 15%, according to the Finance Minister.
• According to Finance Minister Nirmala Sitharaman, the corporate fee will be decreased from 12 percent to 7%.
• In the year 2022-23, Rs 48,000 crores would be allotted for the completion of 80 lakh dwellings under the PM Awas Yojana in rural and urban regions.
• The tax deduction limit for both federal and state government employees should be increased from 10% to 14% to allow state government employees receive the same social security benefits as federal government employees.
• Customs on polished diamonds and gemstones that have been cut to 5% of their original size. Diamonds that have been sawn will be exempt. Simplified laws will be in place by June this year to allow the export of jewellery via e-commerce.
• In the case of agriculture, the FM stated that procurement of wheat in Rabi season 2021-22 and estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers, with Rs 2.37 lakh crores being paid directly to their accounts as MSP value.
• As we go forward on this parallel track, we will focus on the following four priorities: PM Gati Shakti, inclusive development, productivity enhancement, and investment, sunrise opportunities, energy transition and climate action, and investment financing, she said.
• Sitharaman also stated that the Production Linked Incentive Scheme for Aatmanirbhar Bharat has had a positive response, with the potential to generate 60 lakh new employment and $30 billion in increased production over the next five years.
• To finance start-ups in agricultural and rural enterprises for the farm product value chain, a fund with blended capital raised under a co-investment model facilitated by NABARD would be established. States will be urged to rewrite agricultural university syllabi to match the needs of modern-day agriculture, including natural, zero-budget, and organic farming, Sitharaman stated.
• The Finance Minister further stated that the North Eastern Council will carry out Prime Minister Modi's development goals for the region. Youth and women will be able to engage in livelihood activities as a result of this. She went on to say that this programme is not intended to replace existing federal or state programmes.